Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows. The shift signals an end to Asia's huge LNG price premium to Europe's benchmark UK gas hub, raising hopes that supply will over coming years be more evenly spread between the basins, traders said. "We see NBP (UK natural gas prices) plus transportation returning as a price benchmark to Asia, at least for the next two to three years," said Javier Moret, head of LNG origination at RWE, Germany's biggest power utility. More than 1.3 million cubic metres (mcm) of LNG, or 800 mcm of pipeline gas, is inbound on officially announced tankers from Qatar, Norway and Trinidad. That's double the same time last year and enough to cover three days of British winter demand. At least six more tankers - the Zarga, Onaiza, Al Sadd, Ejnan and Al Ruwais - are expected to arrive in those ports during the next few weeks, according to analysts. "Some trading companies are also trying to divert cargoes away from the east towards Europe," a trader at an oil major said.
By Oleg Vukmanovic and Henning Gloystein, Reuters As Russia tightened its grip on Ukraine's Crimea region this month, U.S. and European Union officials were urging the Obama Administration to speed up approvals of more liquefied natural gas (LNG) export terminals. Yet Russian exporter Gazprom's ability to swamp European natural gas markets with supply while depressing prices will make it difficult for as-yet unavailable U.S. supplies to displace Russian gas in Europe.
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals. Prices for April delivery dropped to around $18.10 per million British thermal units (mmBtu) from $19.60 per mmBtu last week. Petrobras, a major Atlantic Basin LNG buyer in recent weeks
When talk turns to marine propulsion and the host of surrounding topics – emissions, efficiency, fuel consumption – we turn to class for answers. While there are just two questions, the ensuing answers from leaders at ABS, BV, ClassNK, DNV GL, LR and RINA are voluminous & enlightening. • Paal Johansen, DNV GL The stricter environmental regulations and rising fuel costs lead to technology development in design, size, propulsion and operations
Dynagas LNG Partners LP announced today that it has completed its previously announced acquisition of the ownership interests in the entity that owns and operates the 2013 built ice class liquefied natural gas carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor, for a purchase price of $235.0 million. On June 19, 2014 Dynagas Partners entered into a new $340 million senior secured revolving credit facility which was used to refinance $214
Houston-based LNG fuel supply and distribution company LNG America LLC announced today that it has contracted Jensen Maritime, Crowley Maritime Corp.'s Seattle-based naval architecture and marine engineering company, to design the initial bunker/shuttle barge for its U.S. Gulf Coast operations. Currently no LNG bunkering barges are in operation in American waterways, and these vessels will be among the first to be developed and built
Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco
Cheniere Energy Partners' subsidiary Sabine Pass Liquefaction signs a LNG sale and purchase agreement with Total Gas & Power North America. Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine Pass Channel in western Cameron Parish, Louisiana. The Sabine Pass LNG terminal has regasification and send-out capacity of 4.0 billion cubic feet per day (Bcf/d) and storage capacity of 16.9 billion cubic feet equivalent (Bcfe).
No improvement in the market and no change in the behaviour of South Korean yards, says fifth Commission report on world shipbuilding The world shipbuilding market continues to face serious difficulties, while certain South Korean yards are still pricing ships below cost, notes the European Commission's latest (fifth) report on world shipbuilding, adopted today. World ship prices are still being depressed by excess supply, due to past expansion of yards mainly in Korea
Daewoo Shipbuilding and Marine Engineering Co Ltd aims to grab half this year's 15 to 20 orders for Liquefied Natural Gas (LNG) carriers, strengthening its lead in the higher end of the shipbuilding market, the company said on Monday. Company officials reportedly said that Daewoo was expected to sign a $500 million deal to build an offshore fixed platform in Angola in April. The price for an LNG carrier is about $160-$175 million, about twice the price for a 300
ABG Shipyard Ltd has tied up with Gaztransport and Technigaz (GTT) of France for the maritime transportation and storage of liquefied natural gas (LNG), reports Livemint. With this pact, ABG has become the third Indian company to secure technology collaboration to build LNG carriers
Dutch offshore contractor Heerema Offshore Services has signed a letter of intent (LOI) with Sembcorp Marine’s Jurong Shipyard in Singapore for the construction of the world’s largest semi-submersible crane vessel (NSCV).
Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun. The new infrastructure is expected to aid the use of LNG as a transport fuel and is expected to be operational
Becker Marine Systems product presentation at the dutch Electric & Hybrid Marine World Expo will put a strong focus on environmentally-friendly technology for the marine industry like the world’s first LNG Hybrid Barge HUMMEL.
China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week. The 2 million barrel Very Large Crude Carrier (VLCC), Tai Hung San
Poland's liquefied natural gas (LNG) terminal at the Baltic port of Świnoujście will be completed only if Italian firm Saipem receives further payment, reports Reuters. The terminal, under construction by a consortium including Italy's Saipem
A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural gas (LNG) train at Freeport LNG in Texas, US. Upon completion
The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal. Liberty Natural Gas’s application to build the Port Ambrose deep-water port to receive LNG in the New York/New
GAIL (India) will buy seven liquefied natural gas (LNG) cargoes for delivery from October 2015 until December 2016, according to the tender document obtained by Reuters. According to preferences and vessel sizes, the deliveries will be split between Dabhol
Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected to total $259 billion over the forecast period 2015-2019, according to the new ninth edition of Douglas-Westwood’s (DW) World LNG Market Forecast 2015-2019
ABS has updated its guidance on LNG Bunkering in North America to support the transport sector's increasingly rapid transition to the use of cleaner fuels. The second edition of ABS' Bunkering of Liquefied Natural Gas-fueled Marine Vessels in North America was released today
Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), has received an order for one liquefied natural gas carrier (LNGC). The ship will be built by the South Korean shipbuilder Daewoo
Britain's Isle of Grain liquefied natural gas (LNG) import terminal will test whether it can also export supply by loading a quantity of fuel onto inbound tanker Asia Vision on Thursday, a spokeswoman for operator National Grid said. This month National Grid outlined plans to add a reload
Sempra Energy’s subsidiary, Port Arthur LNG, has requested that the US Federal Energy Regulatory Commission (FERC) initiate the pre-filing review for the company’s proposed liquefaction and export facility in Port Arthur, Texas.
Lithuania's state-owned energy group Lietuvos Energija said on Monday national rules had to be changed to allow it to sell some liquefied natural gas (LNG) cargoes it had contracted from Norway's Statoil in the global market as domestic demand falls.